Nigeria: Govt Wins Right to Prosecute JPMorgan Chase Over Oil Fraud

A High Court in London, headed by Justice Andrew Burrows, has granted Nigeria’s plea to allow it proceed with the trial of JPMorgan Chase. The bank is alleged to have enabled the misappropriation of state funds totalling $875 million over the Oil Prospecting License, OPL 245. Mr Salihu Isah, special adviser on Media and Publicity to the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, (SAN) revealed this in Abuja, yesterday, in a press statement. Isah disclosed that JPMorgan Chase, a US bank, had failed to halt the prosecution brought against it by the Federal Government. He said Justice Burrows in a 26-page verdict on Thursday, stated that Nigeria had “reasonable grounds” for bringing a claim to the commercial division of the High Court, meaning it could now proceed to trial. “The judge averred that, the bank, which is the defendant, failed to establish that the claimant […]